How do you teach kids about money? I think this is a problem most parents wrestle with. I have a lot of ideas, but not much that I think my kids are ready for yet. But I just solved one problem at our house. Clothes! I'm raising girls, so I know I have a tough job here. For some reason our issues with clothes almost always seem to arise on Sunday mornings. I am tired of buying my children clothes, only to have them tell me a week later that they don't fit or they don't like it anymore. So, I've handed their clothes shopping over to them. I took our clothing budget and divided it into 4 (Brandon, Candi, Chloe, and Sophie). Now we'll each get equal amounts every month instead of it going into one big pot. They know how much money they have. The responsibility is off my shoulders so I don't have to worry about it anymore. They can buy whatever they want (as long as it meets our modesty standards). And I already see them making smarter choices. Someday I hope to do this on a large scale, but right now I know if they did the grocery shopping we'd all be sick, and what happens when they don't pay the utility bills because they'd rather have a toy? Yeah, we're not ready for that yet.
3 comments:
Great idea! I really want to do something like this with my kids when they get older. I think it is so important to learn about budgeting and money at an early age.
I agree! So many kids just assume money "magically" appears. They're never too young (or too old) to teach them important basics about money - I think most American kids have no clue and then get in trouble (debt, etc.) as soon as they're in the "real world." Kudos to you!
Candi--you are awesome! I totally love it!!
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